NRI Real Estate and Property Investment in India
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NRI Mutual fund to commence from early next year
Thursday, November 15, 2007

KOCHI: The Mutual fund endorsement by Qatar-based Doha Bank and Tata Asset Management, particularly for non-resident Indians will set in motion early next year, Mr. R Sethuraman, Chief Executive Officer of the bank announced.

According to the CEO "The approval from regulatory bodies in the two countries is being awaited,"
No less than 30 per cent of the fund, said to be the foremost of its kind, would be deployed to fund infrastructure projects in Kerala. The other areas that the bank would be interested in investing are Telecom and real estate.

This strategic relation between Doha Bank and the Kochi-based Investnet is entering an active phase, he said. The bank and its associates have taken 80-per cent equity stake in Select Securities Ltd, the holding company for Select Group of companies, which owns the brokerage network under the brand name 'Investnet'.
This is the bank's first investment in India. The name of the holding company Select Securities Ltd has been changed to 'Doha Brokerage & Financial Services'.

In the annual general meeting that was held the previous evening, the members sanctioned the appointment of Mr Sethuraman as a Director on the Board of the Company. He would act as Chairman and Mr. Prince George will be the Managing Director.

 

 

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